Short Term Disability

What is needed to quote:

• Name of Group
• Address
• Nature of Business
• Number of Years in Business
• Schedule of Benefits
• Census – gender, date of birth, salary, occupation, class (if applicable)
• Current Rates / Booklets (if applicable)
• Three Years of Claims Experience for groups of 100 or more employees

Schedule of Benefits:

Percentage of Salary to a Maximum Weekly Benefit

• 60% to $500 per week
• 67% to $500 per week
• Employer can choose alternate Percentages and Benefit Maximums

Flat Benefit Amount

• $500 per week – not to exceed 60% of earnings
• Employer can choose alternate Benefit Amounts

Variable Elimination Periods

• 1st Day Accident / 8th Day Sickness
• 15th Day Accident / 15th Day Sickness
• Employer can choose alternate Elimination Periods

Variable Benefit Durations

• 13 Week Duration
• 26 Week Duration
• 52 Week Duration

Contributions

• Employer Paid – the employer pays 100% of the premium and the benefit is taxable
• Contributory – the employee pays a portion of the premium and a portion of the benefit is non-taxable
• Gross Up – the premium amount is added to the employee’s W-2 and the entire benefit is non-taxable

Benefit to providing this coverage to employees

• Allows employees to protect their income in the event of an accident or sickness that takes them out of work for a prolonged period of time
• Coverage for Partial or Total Disabilities
• 24 Hour Non-Occupational coverage
• Maternity Leave benefit
• Provisions included that encourage employees to return to work